- Data from CoinGlass reveals that the perpetual derivatives market for XRP saw a 66% spike in trading activity over the past 24 hours, driving total derivatives turnover to $1 billion.
- Russia is accelerating the launch of its digital ruble, aiming for a widespread rollout next year, importantly, XRP might play a role.
XRP, currently holding the 7th position by market cap has witnessed unprecedented growth in its trading volume. This was brought forward by Coinglass which revealed that the perpetual derivatives market for XRP saw a 66% spike in trading activity over the past 24 hours, driving total derivatives turnover to $1 billion.
In light of this development further led the digital asset to acquire the 12th position by derivatives turnover.
Additionally, this dramatic surge has ignited heightened speculations of a potential price rally for the digital asset.
That’s not all, in addition to the surge in the derivatives market, the digital asset has also seen a rise in spot market trading. Total trading volume in the spot market jumped over 71% in the last 24 hours, reaching $1.03 billion. XRP’s combined trading activity across all markets exceeded $2.03 billion. This resurgence in its trading volume further bolsters the idea of a further price rally for the digital asset.
XRP’s recent surge in trading volume is fueled by its market appeal and a broader uptick in cryptocurrency optimism. The market’s newfound energy, particularly evident this week, stems from hopes of easing geopolitical tensions. Risk-tolerant investors are consequently drawn to digital assets like XRP.
Historically, cryptocurrency markets have often seen capital inflows during periods of optimism, making this a likely contributing factor to XRP’s recent activity
At the time of writing, XRP is swapping wallets at $0.5324 marking a 1.45% and 14.54% decline in the last 24 hours and past week respectively. Additionally, XRP’s market cap has witnessed a 1.46% decline leaving the digital assets market cap at $30.1 billion.
According to some market gurus, news regarding a potential XRP ETF which seems to be put on hold due to the SEC’s recent legal move could catalyze a stronger price rally.
Some analysts suggest that news regarding a potential XRP ETF could catalyze a stronger price rally. While there’s anticipation for a breakout, technical indicators haven’t confirmed that XRP is ready to make a significant move. The cryptocurrency is currently recovering, but traders are maintaining a wait-and-see approach, closely monitoring market developments
Central Bank of Russia Chooses XRP
On the other side, XRP is gaining both institutional and in this case national adoption. The reason behind this is the recent development in which Russia is accelerating the launch of its digital ruble, aiming for a widespread rollout next year.
🚨 BREAKING:
Bank of Russia Governor Elvira Nabiullina confirms the digital rouble is on track for a July 2025 launch! 🇷🇺
According to a document about the Central of Bank of Russia they will most likely use #XRP for cross-border payments! 💎 https://t.co/vJS0GSqix2… pic.twitter.com/V7XZOEQN0S
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) October 5, 2024
Importantly, XRP might play a role, as suggested by the Bank of Russia’s research. The bank plans a gradual implementation of digital ruble transactions, starting with major banks and then expanding to other financial institutions and merchants.
Governor Elvira Nabiulina revealed that the bank’s research has proven that the digital ruble can work and that it expects to roll it out to the masses in 2025.
